Record production of NdPr, uncertainty remains over the continued operation of the Malaysian rare earth element refinery.
Lynas, the top rare earth element producer outside China, on Friday, released figures for the third quarter that ended March 31 (PDF). While the Australian company reported record production of neodymium-praseodymium (NdPr), a key material used to make magnets, it also posted a nearly 30 percent drop in revenue. The group said this was due, among other things, to lower average selling prices. On the demand side, development nevertheless remained high, according to the company.
Lynas also reported progress in the construction of its own rare earth elements processing plant in Australia, which is still expected to be commissioned in the current fourth quarter. The timely start-up in Kalgoorlie, Western Australia, is crucial for the company, as Lynas’ refinery in Malaysia could lose its operating license from July 1. The new government plans to ban parts of the reprocessing operation because it produces slightly radioactive residues (we reported). Lynas says it is preparing for all possible scenarios.
Reuters reports that despite the drop in revenues, Lynas’ share price rose 5.4 percent to post its biggest one-day gain since Jan. 30.
Photo: iStock/Alfio Manciagli